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FinancialNews
03-11-18
Dual-tranche bond earns Bahrain's oil establishment USD1 B
(MENAFN) Bahrain's state-owned oil establishment Nogaholding plans to increase USD1bn through a dual-tranche U.S. dollar-denominated pledge on Wednesday, a document by one of the banks leading the deal presented.
The agreement is the first foray by a Bahraini entity into the global debt markets since the government got an assistance package from its Gulf neighbors earlier this month.
Nogaholding, the investment support of Bahrain's National Oil and Gas Authority, attempted to increase global funds in April, but that agreement was postponed, partly by emerging-market weakness and partly by doubts among investors that Bahrain could pay its debt.
Rated BB-(minus) by Fitch, Nogaholding is marketing a six-year pledge with an initial price direction of approximately 7.875 percent, and 10-year notes with an initial guidance of around 8.5 percent.
MENAFN0311201800450000ID1097654756
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